My former big boss Ramon Ang, RSA as we used to call him, never ceases to amaze me with his cutthroat business deals. This one is a huge JV on Food Security, where one million hectares of government land will be developed by both San Miguel and the Kuok Group, providing, capital and technical expertise to the farming communities and with an all important guarantee to buy all produce.
Way to go !
(source: inquirer.net)
MANILA, Philippines – (UPDATE 3) San Miguel Corporation, Southeast Asia's biggest food and drinks group, will spend up to $1.0 billion in a joint venture with Hong Kong's Kuok group to develop farm land, its chairman said Thursday.
Eduardo Cojuangco said the project, in collaboration with the Philippine government, would develop one million hectares of land. He said the two companies were willing to spend up to $1,000.00 per hectare.
The two companies signed a memorandum of agreement with the government at the Bonifacio Global City in Taguig City Thursday.
Dubbed "Feeding Our Future," the project will provide a sustainable, adequate supply of grains, sugar and other basic staples.
President Gloria Macapagal-Arroyo said this partnership "offers a signal that food security transcends both public sector and private institution."
"We thank San Miguel and the Kuok group for their generosity and cooperation in food security," she said in a speech.
The two companies will offer financial assistance, technical expertise and a guarantee to buy all agricultural produce. All land will be owned by the Philippine government.
The Department of Environment and Natural Resources, Armed Forces of the Philippines, National Commission on Indigenous Peoples, and the National Power Corporation will identify, evaluate, and review government lands suitable for food production.
The land may include logged-over areas, idle portions of military camps and reservations, idle portions of land granted to state universities or colleges, and idle portions of ancestral lands.
"We are ready to help our government in any way possible, whether it is providing seed money to help farmers pay for shallow wells, basic agricultural inputs such as hybrid seeds and fertilizer, and extending technical expertise," San Miguel president Ramon Ang said in a statement.
Arroyo also thanked San Miguel and the Kuok group for donating $500,000 each to the victims of typhoon Frank. (With a report by Lira Fernandez)
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